1M – On the Monthly time frame you can see that the market is extremely extended to the up side and from here we are expecting a further retracement. Along with this we can see a clear “W” formation which confirms we want a pullback however it isn’t clear as to where we would want it to pull back to, to do this I have placed a Fibonacci retracement from the impulse leg.
After placing the Fibonacci retracement you can see that the is at , a level where this pair has previously faces resistance.
1W - On the weekly we can sees a resistance at around which is now expected to become the support – we can see that the this is a key resistance as the markets has hit this resistance it has had many wicks showing many rejections around that area. This is now expected to become support along with the Another sign for a short would be price breaking the which could act as a potential support at this very time. We can also see a clear bearish pin bar at the top of the weekly. And with price closing bearish for the 3rd week.
1D - On the Daily timeframe you can see that this pair has found a support at the and price has a bullish candle close after tapping the support from here I expected price to go back up the neck line and then I could short from there, It tapped that area however I missed the short but to confirm bearish movement from there price also closed bearish instead of filling the space created by the shadow of the previous candle.
I will want price to break under the and enter when price comes to retest. My target is around 1400-1440 I will take all profits at 1420~ and from there will look for a along again potentially looking at longs all the way to 1600.
More analysis of 4H & 1H for entries for more information message me on telegram: @Quxntum
Have a nice day :D
After placing the Fibonacci retracement you can see that the is at , a level where this pair has previously faces resistance.
1W - On the weekly we can sees a resistance at around which is now expected to become the support – we can see that the this is a key resistance as the markets has hit this resistance it has had many wicks showing many rejections around that area. This is now expected to become support along with the Another sign for a short would be price breaking the which could act as a potential support at this very time. We can also see a clear bearish pin bar at the top of the weekly. And with price closing bearish for the 3rd week.
1D - On the Daily timeframe you can see that this pair has found a support at the and price has a bullish candle close after tapping the support from here I expected price to go back up the neck line and then I could short from there, It tapped that area however I missed the short but to confirm bearish movement from there price also closed bearish instead of filling the space created by the shadow of the previous candle.
I will want price to break under the and enter when price comes to retest. My target is around 1400-1440 I will take all profits at 1420~ and from there will look for a along again potentially looking at longs all the way to 1600.
More analysis of 4H & 1H for entries for more information message me on telegram: @Quxntum
Have a nice day :D